HomeMy WebLinkAboutRES NO 192-19X-Ref.JqLJ_CJ_-2_4V
RESOLUTION NO.- 92- 19 T__
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $22,000,000 FOR
THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF BRENTWOOD
CROSSING APARTMENTS AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Bakersfield Brentwood LP (the "Borrower") a partnership of
which The Danco Group (the "Developer") or a related person to the Developer
is the general partner, has requested that the California Municipal Finance
Authority (the "Authority") adopt a plan of financing providing for the issuance
of exempt facility bonds for a qualified residential rental project pursuant to
Section 142(a)(7) of the Internal Revenue Code of 1986 (the "Code") in one or
more series issued from time to time, including bonds issued to refund such
exempt facility bonds in one or more series from time to time, and at no time to
exceed $22,000,000 in aggregate principal amount (the "Bonds"), to finance or
refinance the acquisition, construction, improvement and equipping of a
multifamily rental housing project located at 7350 Willis Avenue, Bakersfield,
California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the
Bonds by the Authority must be approved by the City of Bakersfield (the "City")
because the Project is located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected
legislative body of the City and is one of the "applicable elected
representatives" required to approve the issuance of the Bonds under Section
147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority in order to satisfy the public approval
requirement of Section 147(f) of the Code and the requirements of Section 4 of
the -Joint Exercise of Powers Agreement Relating to the California Municipal
Finance Authority, dated as of January 1, 2004 (the "Agreement"), among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the
Bonds, and now desires to approve the issuance of the Bonds by the Authority.
OR;G;NAL
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Bakersfield
as follows:
I The City Council finds and declares that the foregoing recitals are
true and correct and are incorporated herein by reference.
2. The Council hereby approves the issuance of the Bonds by the
Authority for the purposes of financing and refinancing, among
other things, the Project. It is the purpose and intent of the Council
that this resolution constitute approval of the issuance of the Bonds
by the Authority for the purposes of (a) Section 147(f) of the Code
by the applicable elected representative of the governmental unit
having jurisdiction over the area in which the Project is located, in
accordance with such Section 147(f), and (b) Section 4 of the
Agreement.
3. The issuance of the Bonds shall be subject to the approval of the
Authority of all financing documents relating thereto to which the
Authority is a party. The City shall have no responsibility or liability
whatsoever with respect to the Bonds.
4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or
construct the Project or any refinancing of the Project; (ii) approve
any application or request for or take any other action in
connection with any planning approval, permit or other action
necessary for the acquisition, construction, rehabilitation, installation
or operation of the Project; (iii) make any contribution or advance
any funds whatsoever to the Authority; or (iv) take any further
action with respect to the Authority or its membership therein.
5. The City Manager of the City and his designees are hereby
authorized and directed to do any and all things and to execute
and deliver any and all documents that they deem necessary or
advisable to carry out, give effect to, and comply with the terms
and intent of this resolution and the financing transaction approved
hereby.
6. The City Clerk shall attest and certify to the passage and adoption
of this Resolution and it shall become effective immediately upon its
approval.
t:
0 (2)
0 A iGA A L
HEREBY CERTIFY that the foregoing Resolution was passed and adopted
by the Council of the City of Bakersfield at a regular meeting thereof held on
DEC 1 17019 , by the following vote:
✓ ✓ ✓ ✓�/
YES:' COUNCIL MEMBER RIVERA, GONZALES, WEIR, SMITH, FREEt N, SULLIVAN, PARLIER
NOES: COUNCIL MEMBER Nqc' ,_
ABSTAIN: COUNCIL MEMBER Ntwl
BSE COUNCIL MEMBER -I NIrl.
J LIE DRIMAKIS, CMC
CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
APPROVED DEC 112019
By �' 1q- '(
KAREN GOH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
4By
J SHUA H. RUDNICK
4IBy
City Attorney
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